USAA Mastercard - the good, the bad and there ain't no ugly
Written: Oct 18 '03
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Pros: Great rates and service
Cons: Very strict on payments and communication is not so great
The Bottom Line: This is a great card with great interest rates and great service
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| mrisch's Full Review: USAA Savings Bank |
Though I've been using the USAA Savings Bank Mastercard for a short time, I think it is one of the better cards I have used of the many I have tried.
I have long been a user of USAA insurance (see my other two reviews on auto and home insurance. USAA has long sent me promotional offers, and one finally caught my eye: 3.9% on all balance transfers and purchases for the life of the loan for the first month I had the card. This is lower than my home equity line, so it was hard to pass up, especially because balance transfers are free. This is better than those deals that are super low but only last six months.
I applied online and received my card (they had paper and phone application options as well), and the first month passed by. Rather than end my promo, they offered a better one! The new deal is 1.9% for the life of the loan until the end of the year! This is, needless to say, a great rate, especially because I am renovating my house.
Service
Phone service is fast (no long holds) and courteous and helpful. I have never heard "no we can't do that". Security is strict - you need the card number, last four digits of SS#, birthdate, and sometimes your USAA number. Kind of a pain, but I suspect fraud is low.
Changing cycles
I recently called in to change my payment cycle. The reason is that I pay my bills on the 16th of the month almost without fail. Well, I was getting my bills on the 17th or 18th. Ouch. So, I got behind on my first month (more on that later). Every other card I have changed my cycle with required that I first bring the account current. This, of course, was a pain because I was past when I pay my bills. USAA, on the other hand, let me change even though I had not paid my bill yet. It's the little things in life.
Online access
The USAA web site has basic information available, such as recent activity and prior statements. The site is not as developed as other sites, such as MBNA, but it is serviceable. It is also integrated with all other USAA services, including banking and insurance.
Standard benefits
I have a platinum card, which gives me the standard Mastercard platinum benefits, such as insurance on rental cars.
Long application period
It took nearly three weeks for USAA to process my application. This was a lot longer than other cards - I received MBNA authorization on the phone. That was fast.
Credit increase
When I finally did get my card, the credit limit was much lower than I had expected (and wanted given the great interest rate). So, I called and asked for an increase and was granted one about 5 days later - they doubled my limit.
Balance transfers
One of the great features of the card is that they are free! My FirstCard (now BankOne) charges some high percent up to $50 for a transfer. That stinks. Calling in for a balance transfer is kind of a pain, though. First, you need to have the other credit card company's statement in front of you (other cards will just take your account number) and they also require you to have your card in front of you, so this is not something you can do on the fly.
Strict payments and no notice
The most negative feature of the card is that they waste no time if you do not pay. They give you 25+ days to pay, which is very nice, but then they cut you off. I was recently 10 days late on payment (see the changing cycles section above). They cut my card off. Without notice. I was in Mexico that same week - thankfully I brought another card with me, but it would have been awful if they cut me off while I needed the card in a foreign country.
I also got no notice of the new 1.9% rate discussed above. I think the lack of mailings is on the one hand refreshing, but on the other hand pretty unhelpful if I want to know about special offers. Had I not called to ask, I might never have known. When I did call, the service rep changed one balance transfer from 3.9% to 1.9% because of the timing - very, very helpful again.
All in all, this is a great card, and the personal service is great, even if the notice service is not.
Recommended:
Yes
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